AUD/USD is 10 pips above its NY closing level from Friday and USD/JPY is 20 pips higher, and it seems the market is still expecting some significant AUD/JPY demand this week from some new Toshin issuances. The median expectation I’ve heard is around AUD3 billion but I think it’s a bit of a stretch to expect this full amount will be bought this week. The issuance might be undersubscribed, some of the amount may already have been covered, and there could be some redemptions as well; lots of ifs and buts and I’ve never found this sort of information easy to trade of. Nonetheless, it’s best to know what the market is chattering about.